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Reasons Why Cryptocurrency Traders Should Take Dogecoin Seriously

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cryptocurrency
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The cryptocurrency market has become a happy hunting ground for millions of traders spread across the globe nowadays. Along with the decentralized method of payment and transaction of these currencies, the vast number of available currencies is also grabbing the attention of several investors around the world. Under the circumstances, the competition to achieve a decent market capitalization and coin price is becoming increasingly difficult for the relatively newer coins.

Among the eighteen hundred currencies currently available in the market, there are very few currencies that exhibit considerable stability amidst market turmoil. Dogecoin certainly belongs to the group of such digital currencies. While the most popular cryptocurrency Bitcoin is going through severe ups and downs within a matter of weeks or even days, the price of Dogecoin seems to remain almost entirely unaffected.

Although Dogecoin started its journey as a “joke”, the distinct features of this coin and its gradual technical developments have helped Dogecoin to acquire a commendable market capitalization (Approximately $340 Million on 29th March 2018). In 2017, an article of Dogecoin was published in the renowned newspaper The New York Times. The article consisted of severe animadversion of this cryptocurrency and vindication of the fact that Dogecoin was indeed a “joke” even after spending more than three years in the market.

Here, a few aspects of this currency would be discussed highlighting the fact why it is not really a mere “joke” and why investors should take this currency seriously.

The Bitcoin Myth:    

Dogecoin was developed by a developer residing in Portland, Oregon named Billy Markus. The initial purpose of developing this coin is to reach a broader demographic than Bitcoin and distancing it from the controversial histories other cryptocurrencies. In the recent article published in The New York Times, Dogecoin was vilified as a half-baked concept tailor-made for inexperienced and gullible traders. It was also mentioned unequivocally that Dogecoin’s logo is an insignificant emulation of Bitcoin with a dog’s picture.

In a recent interview, Ross Nicoll, the head architect behind this cryptocurrency debunked this very popular Bitcoin myth with considerable proof. According to his statement, Dogecoin is constantly undergoing updates and developments to improve its blockchain system and to implement new features. The imminent introduction of the Doge-Ethereum bridge project was also mentioned which would allow this cryptocurrency to make the most of Ethereum’s smart contract.

Also, one of the obvious facts that debunk this myth is the technology of Dogecoin. Unlike many other currencies, Dogecoin’s blockchain is completely independent of Bitcoin. This digital currency actually is a lot faster than Bitcoin in carrying out transactions and also considerably more stable. Being the sixth cryptocurrency ever designed, Dogecoin shares similarity in technology with Litecoin and Namecoin and it is well known to the traders that Litecoin’s Scrypt algorithm is completely different from Bitcoin’s SHA-256.

Advantages over Bitcoin:   

  1. Stability amidst Market Turmoil: The market price and overall market capitalization do not fluctuate as much as that of Bitcoin. By the end of February 2018, Bitcoin’s price plummeted significantly and went below the $10,000 mark. The incident affected the entire cryptocurrency market severely with a few exceptions. Dogecoin was among those exceptions as its algorithm does not depend on Bitcoin.
  2. Faster Transaction: Dogecoin takes lesser time than Bitcoin for block processing. As a result, the transaction speed is a lot faster in case of this cryptocurrency.
  3. Convenience: Apart from a faster transaction system, the transaction fee is significantly lower for Dogecoin. This broadens the range of investors and users who are about to get involved in the crypto-market.

Current Scenario and Speculation:

One Dogecoin is currently equivalent to approximately $0.003 and holds the 41st position on Coinmarketcap. Despite so much negative publicity, this currency has managed to become one of the most frequently used cryptocurrencies in the world. Keeping the volatility of the cryptocurrency market in mind, it can be inferred that Dogecoin has proved to be anything but a “joke” and with regular technical developments, it can become a valuable asset for cryptocurrency traders by the end of this year.

We will be updating our subscribers as soon as we know more. For the latest on DOGE, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Kevin Dooley via Flickr

Altcoins

A matter of time before TRON (TRX) achieves mass adoption

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TRON
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Tron (TRX) has all its eyes on decentralizing the internet, or rather content-sharing to ensure that creatives, artists, musicians, and authors can all release their content without the need of middle companies. As it seems, Tron’s founder hopes that the coin will challenge the globe’s major content providers like Facebook and YouTube.

The coin has undoubtedly made progress since its launch from a coin offering on the Ethereum ledger platform to now a native coin present on the official Tron Mainnet. If you think launching the independent MainNet is all Tron wanted to achieve, you are mistaken.

The aim is towards mass adoption as well as creating a decentralized web. Yeah, it is a  fact that in the past weeks TRX has experienced price declines, but currently, the cryptocurrency is riding 5.37% hike against the USD in the last 24 hours (remember most of the other top coins including Bitcoin are in red).

It’s also continued succeeding in attaining quality listings such as the Bittrex (to name one of the most recent ones). Therefore, it seems as every step TRON makes is a sign of progress to make the decentralized web a reality.

How TRON (TRX) is Making Mass Adoption a Reality

The primary objective for TRON (TRX) is to create a decentralized web which will be a representation of the internet’s next generation. Therefore, in making that a reality, the largest file-sharing platform, BitTorrent that has over 100M global…

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Altcoins

Hyperion-Stellar Partnership Finalized — Support For Stellar’s Crypto Assets Trade About To Arrive

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Stellar
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Hyperion and Stellar: A new partnership

According to a recent announcement by Global Blockchain Technologies Corp., it would seem that the known crypto exchange Hyperion has finally made an agreement with Stellar (XLM). The new partnership is to allow Stellar’s own crypto assets to be traded on Hyperion’s platform. This move is expected to significantly impact Stellar’s price and spread awareness of the coin and its goal even further.

Hyperion uses an alternative trading system (ATS), which was licensed by the SEC. As a part of this arrangement, previously attained via investment in DBOT (Delaware Board of Trade), Hyperion has permission to also operate as a broker-dealer. It is also expected to become North America’s first advanced security token exchange.

As many are already aware of, Stellar is a trading protocol that is used for issuing, exchanging, and transferring digital assets. It works with several other cryptocurrencies, but also with fiat currencies like the USD. Additionally, Stellar also works even with some commodity assets, like gold.

Stellar’s goal is similar to that of Ripple, at least when it comes to enabling faster and better cross-border transactions. While Ripple focuses on providing its services to banks and financial institutions, Stellar aims to provide these services to individual investors. Thanks to this, Stellar has received a lot of attention and praise from individual investors, as the general interest in cryptocurrencies grew.

Why is this partnership important?

By joining Hyperion’s…

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Bitcoin

Bitcoin Volume Improves — Is A New Bull Run About To Start?

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After more than half a year of price drops and losses in value, Bitcoin’s price has finally demonstrated signs of stability. For weeks, Bitcoin managed to remain above the price of $6,550 per coin, which was followed by a small price surge that has allowed the coin to reach $6,600.

Not only that, but Bitcoin’s volume also saw a 12% increase that has taken it from $3.2 billion to $3.6 billion according to CoinMarketCap. While this state of the market did not include all the altcoins, with some of them even experiencing losses, the situation regarding Bitcoin did look promising.

However, the new situation has changed that, as both investors and analysts woke up to the news of crypto prices going down.

Bitcoin volume predictions

Cryptocurrency analysts around the world have been predicting that the recently-balanced situation regarding Bitcoin and many altcoins will not last. While some believed that Bitcoin volume will go up, others have been claiming that it will drop once again, as it has finally happened.

At the moment, Bitcoin has managed to drop below what was recently believed to be its bottom, with a new price being at $6,297. Instead of reaching milestones such as $6,800, and then $7,000 mark as many have hoped, BTC actually dropped by around 6%.

For a while, Bitcoin has been showing signs that it is ready to grow once more. However, the trouble once again lies with the…

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